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U.S. Bank vs. Chase: Which Is Best for You?

April 3, 2018
Banking, Banks & Credit Unions, CDs, Checking Accounts, Savings Accounts
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We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.

U.S. Bank and Chase have what other national banks do: multiple account offerings and impressive networks of branches and ATMs. But which one is best for you? To help you decide, we compared them side by side.

Snapshot comparison

U.S. Bank

Chase

Checking accounts
U.S. Bank Easy Checking

  • Monthly fee: $8.95 with paper statements (or $6.95 with eStatements) (How to waive it)
  • Minimum opening deposit: $25
  • Chase Total Checking®

  • Monthly fee: $12 (How to waive it)
  • Minimum opening deposit: $25
  • Savings accounts

    U.S. Bank Standard Savings

  • Interest rate: 0.01% APY on all balances
  • Monthly fee: $4 (How to waive it)

  • Chase SavingsSM

  • Interest rate: 0.01% APY
    (effective 6/15/18; rates are variable and subject to change)
  • Monthly fee: $5 (How to waive it)
  • Certificates of deposit
    U.S. Bank Certificate of Deposit

  • 1 year: 0.10% APY
  • 5 years: 0.75% APY
  • Minimum deposit: $500
  • Chase CD interest rates

  • 1 year: 0.02% APY
  • 5 years: From 0.60% APY
  • Minimum deposit: $1,000


  • Overdrafts, ATMs, customer service
  • Overdraft fee: $36, maximum of four per day
  • Overdraft protection transfer fee: $12.50 per day
  • Branches: Over 3,000
  • ATMs: 4,800
  • Customer service: Available by phone 24/7

  • Overdraft fee: $34, maximum of three per day
  • Overdraft protection transfer fee: $0
  • Branches: About 5,100
  • ATMs: 16,000
  • Customer service: Available by phone 24/7
  • Choose Chase if:

    Choose Chase if:

    • You want to see if you qualify for sign-up bonuses of $200 for checking and $150 for savings (bonus offers expire 1/14/2019)
    • You’re looking for checking accounts with easy ways to waive monthly fees
    • Having top-notch mobile apps is important

     

    Choose U.S. Bank if:

    Choose U.S. Bank if:

    • You can take advantage of CDs that have lower deposit requirements and earn better interest than Chase’s CDs

    Below is a detailed breakdown of how the banks compare.

    Basic checking accounts

     U.S. Bank Easy CheckingChase Total Checking®
    Monthly fees
    $8.95 ($6.95 if you opt for online statements)


  • Receive direct deposits of at least $1,000 each month
  • Maintain an average daily balance of at least $1,500

  • [Back to top table]
    $12



  • Receive direct deposits of $500 or more monthly
  • Maintain a minimum daily balance of $1,500
  • Maintain an average beginning day balance of at least $5,000 across eligible Chase accounts

  • [Back to top table]
    Minimum opening deposit$25$25
    Interest on balancesNoNo
    ATM fee
  • About 4,800 free U.S. Bank ATMs
  • $2.50 fee for using non-U.S. Bank ATMs in the U.S. and abroad
  • 2% or 3% fee for ATM use abroad, depending on transaction being in U.S. dollars or foreign currency
  • 16,000 free Chase ATMs
  • $2.50 fee for using non-Chase ATMs
  • $5 fee for using international out-of-network ATMs, plus foreign debit card transaction fee of 3%
    of amount withdrawn
  • » See more options on our list of best checking accounts
    U.S. Bank’s monthly fee is lower, but Chase makes it easier to waive its fee. New Chase customers can qualify for a sign-up bonus. Both banks have premium checking accounts that earn minimal interest and require higher minimum-balance requirements.

     

    Basic savings accounts

     U.S. Bank Standard SavingsChase Savings℠
    Monthly fees$4

  • Maintain a daily balance of at least $300
  • Keep $1,000 or more as the average monthly balance

  • [Back to top table]
    $5


  • Keep a daily balance of $300 or more
  • Have a recurring transfer of at least $25 each month from your Chase checking account
  • Have a linked Chase Premier PlusSM, Premier PlatinumSM or Private ClientSM checking account
  • Are under 18

  • [Back to top table]
    Interest on balances0.01%0.01% (effective 6/15/18; rates are variable and subject to change)
    Minimum opening deposit$25$25
    Automatic transfer from linked checking?YesYes
    » Want better rates? See NerdWallet's list of high-yield online savings accounts
    Chase has an edge thanks to its sign-up bonus. Beyond that, neither bank has strong interest rates and both charge monthly fees, so you could lose money while trying to save. U.S. Bank and Chase have premium savings or money market accounts that can earn somewhat better rates, but they require a qualifying linked account or higher minimum balance.

     

    Certificates of deposit

     U.S. BankChase
    Minimum deposit$500$1,000
    APY on one-year term
    0.10%0.02%
    APY on three-year term0.35%From 0.40%
    APY on five-year term
    0.75%From 0.60%
    Rates may vary by location.
    » To compare, see our latest top CD rates
    Both banks’ CDs have low rates — online banks offer five-year CDs with rates upward of 2%. But U.S. Bank gets the nod over Chase because most of U.S. Bank’s CDs earn a little more interest than similar Chase CDs. Also, U.S. Bank has lower deposit requirements for its regular CDs.

     

    Bank experience

     U.S. BankChase
    Branches
    Over 3,000About 5,100
    WebsiteNicely arranged. Helpful for comparing accounts, but can feel outdated at timesSleek, fast, easy to use
    Banking apps (ratings from app store users)4.8 out of 5 stars for iOS; 4.0 out of 5 for Android4.8 out of 5 stars for iOS; 4.6 out of 5 for Android
    Customer serviceAvailable 24/7 by phone, email and social media
    Available 24/7 by phone, email and social media
    Chase has more branches and a slightly better rating on its Android mobile app. Both banks have 24/7 customer service and respond to customer questions on social media.

     

    Overdraft fees

     U.S. BankChase
    Overdraft fee$36, maximum of four per day$34, maximum of three per day
    Overdraft protection transfer fee$12.50 per day$0
    Extended overdraft fee $25 per week, beginning on the eighth consecutive calendar day with a negative balance$15, each time your account is withdrawn for 5 or more consecutive business days
    If your account goes negative, you’d probably pay fewer fees with Chase. Keep in mind, though, that some online banks have more flexible overdraft policies.

     

    Chase has an edge

    Chase has more to offer thanks to sign-up bonuses and slightly easier ways to waive its basic checking account fee. But U.S. Bank CDs might be better if that factors into your decision. If you’re looking to save money at high rates, consider shopping around at credit unions and online banks.

    » To see more options, check out what other national banks have to offer

    Margarette Burnette is a staff writer at NerdWallet, a personal finance website. Email: mburnette@nerdwallet.com. Twitter: @margarette.

    Updated April 3, 2018.